Malaysia│February 12, 2018

Key Metrics Daybreak | 1 July 2021 FBMKLCI Index

1,700 ▌What’s on the Table…

1,650 ————————————————————————————————————————————————————————————————————————————————————————

1,600 1,550 Rubber Gloves – Covid-19 driven tailwinds are subsiding 1,500 We downgrade the sector to Neutral from Overweight, due to weaker earnings 1,450 prospects (declining ASPs and aggressive capacity build-up). Overall sector 1,400 valuations (17.1x CY23F P/E vs 5-year historical mean [2015-2019] :19.5x) have Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 largely priced-in the sector’s weaker earnings prospects. We believe, current ——————————————————————————— sector valuations will be supported by: i) solid dividend yields, ii) strong balance FBMKLCI sheets and iii) subsiding ESG risks. 1,532.63 -15.68pts -1.01% JUN Future JUL Future 1534.5 - (-0.78%) 1533 - (-0.97%) ——————————————————————————— Banks – A continuous downtrend in LLP in 2Q21F? Gainers Losers Unchanged Malaysian banks’ loan growth was stable at 3.9% yoy for both Apr and May 21 310 662 424 ——————————————————————————— (May 21 household loan: +6.1% yoy; business loan: +0.4% yoy). Based on the Turnover RM222.8m drop in banks total provision in Apr-May 21, we see the possibility for 4645.83m shares / RM2673.292m banks’ LLP to decline yoy and qoq in 2Q21F. We reiterate our Overweight call on 3m avg volume traded 6467.39m shares banks, premised on the expected expansion in net interest margin and lower LLP 3m avg value traded RM3749.79m ——————————————————————————— in 2021F. Regional Indices FBMKLCI FSSTI JCI SET HSI 1,533 3,130 5,985 1,588 28,828 Gaming – NFOs: Earnings recovery from 4QCY21F

———————————————————————————————— Market Indices We cut BST’s/MAG’s FY21-22F/FY21F core EPS by 12-29%/61%, after Close % chg YTD % chg assuming 3.5-month NFO outlet closures amid the FMCO from 1 Jun 2021. FBMKLCI 1,532.63 (1.0) (5.8) FBM100 10,875.09 (0.9) (5.5) While 2Q-3QCY21F may slip into losses due to outlet closures, we see a return FBMSC 15,422.58 (0.5) (0.9) to net profits for BST/MAG in 4QCY21F and full recovery in CY22F. Reiterate FBMMES 6,949.35 (1.8) (35.3) sector Overweight, with MAG as our preferred NFO pick. Dow Jones 34,502.51 0.6 12.7 NASDAQ 14,503.95 (0.2) 12.5 FSSTI 3,130.46 1.3 10.1 FTSE-100 7,037.47 (0.7) 8.9 Cypark Resources Bhd – Expecting a stronger 2H SENSEX 52,482.71 (0.1) 9.9 Hang Seng 28,827.95 (0.6) 5.9 JCI 5,985.49 0.6 0.1 Cypark’s 1HFY10/21 core net profit was within expectations; we expect a KOSPI 3,296.68 0.3 14.7 seasonally stronger 2H. 1HFY21 core net profit dropped 17% yoy on weaker Nikkei 225 28,791.53 (0.1) 4.9 PCOMP 6,901.91 (0.8) (3.3) revenue due to the slowdown in construction activities. Reiterate Hold with a SET 1,587.79 (0.2) 9.6 SOP-based TP of RM1.00. Shanghai 3,591.20 0.5 3.4 Taiwan 17,755.46 0.9 20.5 ———————————————————————————————— Top Actives

Close % chg Vol. (m) SERBA DINAMIK 0.330 3.1 379.6 ▌News of the Day… SEDANIA 0.725 45.0 203.8 ————————————————————————————————————————————————————————————————————————————————————————

KUMPULAN JETSON 0.345 19.0 119.1 SAUDEE GROUP 0.205 10.8 104.3 • PM: RM147.1bn allocated especially to assist SMEs since 2020 OCR GROUP 0.210 2.4 91.0 • Agong decrees Parliament should reconvene before 1 Aug HIAP TECK VENTURE 0.510 (9.7) 84.4 SAPURA ENERGY 0.125 (3.8) 82.1 • Resorts World Las Vegas buys private jet from Genting HK-linked entity EDARAN 0.805 23.8 76.4 ———————————————————————————————— • Mah Sing Group hit property sales of RM650.5m in 5M21 Economic Statistics • Paramount, Star Media and RCE Capital jointly apply for digital bank licence Close % chg

US$/Euro 1.1859 (0.02) RM/US$ (Spot) 4.1490 (0.02) RM/US$ (12-mth NDF) 4.2091 (0.44) OPR (%) 1.75 0.00 GOLD ( US$/oz) 1,770.20 0.01 WTI crude oil US spot (US$/barrel) 73.47 0.67 CPO spot price (RM/tonne) 3,727.50 0.62

———————————————————————————————————————— Ivy NG Lee Fang, CFA T (60) 3 2261 9073 E [email protected]

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Malaysia Daybreak | July 1, 2021

Global Economic News US private payrolls increased by 692,000 jobs in Jun. Data for May was revised lower to show 886,000 jobs added instead of the initially reported 978,000. The ADP National Employment Report on Wednesday showed hiring in the leisure and hospitality sector accounting for nearly half of the increase in private payrolls this month. Manufacturing payrolls growth slowed, likely reflecting labor shortages as well as scarce raw materials. A global shortage of semiconductors is hampering production of motor vehicles and some household appliances. (Reuters)

Malaysia Economic News The Government will reconsider its previous decision to administer the Pfizer Covid-19 vaccine to adolescents, following reports of side effects involving heart inflammation, especially among male recipients. National Covid-19 Immunisation Programme Coordinating Minister, Khairy Jamaluddin, said that his team, together with the Ministry of Health (MOH) and the Ministry of Education (MOE), will hold a meeting to discuss the issue. ()

The implementation of the Selangor Vaccination Programme (Selvax) by the state government along with additional doses provided by the Special Committee on Covid-19 Vaccine Supply will lead to a projected vaccination rate of 165,000 by August, said Mentri Besar Datuk Seri Amirudin Shari. He said once the programme begins, Selangor is expected to see 135,000 doses administered by the end of Jul. (Malay Mail)

Payment of additional assistance under the Bantuan Prihatin Rakyat (BPR) to 8.4m eligible recipients will be made in stages, starting 30 Jun, involving an allocation of RM2.1bn. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, said of the total recipients, 3.6m were households, one million were senior citizens, while another 3.8m were single individuals. (Bernama)

Tan Sri on 30 Jun launched the MyAssist MSME Portal, a one-stop centre and new norm solution for business facilitation needs of the small and medium-sized entreprises (SMEs). The Prime Minister said as a Government initiative under the National Economic Recovery Plan (PENJANA), the portal provides a platform for SMEs to seek business advisory and information, guidance and digital marketing opportunities. (Bernama)

The Government has allocated RM147.1bn especially to assist the small and medium enterprises (SMEs) through various economic stimulus packages announced since 2020, said Prime Minister Tan Sri Muhyiddin Yassin. With the implementation of these packages, SMEs’ growth prospects would recover gradually this year in line with the overall economic growth forecast, he said. (Bernama)

The Selangor government has announced that online registration for SISM40, an Internet subsidy scheme for the middle 40% income group (M40) in the state, will begin on 1 Jul. The Skim Internet Selangor M40 by Menteri Besar Selangor Incorporated (MBI Selangor) is in partnership with Telekom Malaysia Bhd (TM). The M40 can enjoy a discount of RM10 to RM30 for 12 months through any of unifi’s eight packages in the Family, Singles and Basic categories. (Bernama)

AstraZeneca on 30 Jun confirmed that 586,700 doses of its Covid-19 vaccine are planned for delivery to Malaysia in early Jul, followed by additional deliveries in subsequent weeks and months. In a statement on 30 Jun, the British-Swedish multinational pharmaceutical and biotechnology company

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Malaysia Daybreak | July 1, 2021

said it had delivered over 828,000 doses of its vaccine to Malaysia to date, and is on track to deliver 6.4m doses by early next year. (The Edge Markets)

Growth prospects of small and medium enterprises (SMEs) are expected to recover gradually in 2021, in line with the overall economic growth forecast, said Prime Minister Tan Sri Muhyiddin Yassin. The growth will be supported by the implementation of the economic stimulus packages, such as the RM150bn National People’s Well-Being and Economic Recovery Package (PEMULIH) announced on Monday, he said. (Bernama)

The basic reproduction number (R-naught or R0) for Covid-19 infections nationwide has risen to 1.04 as at 29 Jun, according to Health Director-General (DG) Tan Sri Dr Noor Hisham Abdullah in his tweet on 30 Jun. The Health DG posted a chart showing that Malaysia’s Covid-19 infections now have reversed their downtrend, heading for 6,000 daily cases in the first half of Jul. Based on the current Susceptible-Exposed-Infectious-Removed (SEIR) projection, forecast new cases could breach the 7,000-mark if non-compliance continues and R0 climbs to 1.2. (The Edge Markets)

The retail prices of RON95 petrol and diesel will remain unchanged at RM2.05 and RM2.15 per litre respectively for the period of 1 to 7 Jul. Meanwhile, the retail price of RON97 will increase by two sen per litre from RM2.67 to RM2.69. (Bernama)

The vaccination process for more than 400 Parliament staff began on 30 Jun at several vaccination centres in the federal capital, said Coordinating Minister for the National Covid-19 National Immunisation Programme Khairy Jamaluddin. He said it was carried out in preparation for the opening of the and sitting soon. "We want to ensure that every Parliament staff gets proper protection against the Covid-19 infection," he told a press conference on the development of the National Covid-19 Immunisation Programme with Health Minister Datuk Dr Adham Baba. (Bernama)

Malaysia’s domestic tourism spending plunged 60.8% in 2020 to RM40.4bn from RM103.2bn a year earlier as domestic visitor arrivals decreased due to Covid-19-driven movement restrictions in the country to curb the spread of the pandemic, according to the Department of Statistics Malaysia (DOSM). In a statement, DOSM chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the 2020 domestic tourism spending figure was the first drop since 2008 when DOSM started to compile its domestic tourism survey statistics. (The Edge Markets)

Political News Yang di-Pertuan Agong has decreed that parliamentary sittings should reconvene before 1 Aug 2021, according to Dewan Negara President Tan Sri Dr Rais Yatim and Dewan Rakyat Speaker Datuk Azhar Azizan Harun.  The duo confirmed that they were granted an audience by the King on 29 Jun, together with the Dewan Negara Deputy President and both Deputy Speakers of Dewan Rakyat, to discuss matters related to reconvening Parliament.  "Both the Dewan Negara President and the Dewan Rakyat Speaker, as well as the deputies, upheld the decree by His Majesty Yang di-Pertuan Agong, and have expressed their full commitment and readiness of to reconvene parliamentary sittings as directed by His Majesty. The decree by Yang di-Pertuan Agong during the meeting has also been informed to the prime minister, and it was proposed to the prime minister that a special sitting be held before Aug 1, 2021 in accordance with the provisions of the law," they said.

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Malaysia Daybreak | July 1, 2021

 The Emergency Ordinance is due to end on 1 Aug, subject to advice by the Special Independent Committee on the Emergency 2021 on whether it can be lifted earlier or later. (The Edge CEO Morning Brief)

Tan Sri Muhyiddin Yassin has been suffering from diarrhoea since 29 Jun, the Prime Minister’s Office confirmed. The Prime Minister’s Office said Muhyiddin has been admitted to a hospital in the capital city on the morning of 30 Jun for treatment and monitoring.  Muhyiddin Yassin has suffered a round of online ridicule following news that he was hospitalised for diarrhoea.  Not only did the issue make international headlines, but it also spawned the hashtags #PMCirit (Diarrhoea PM) and #KerajaanCirit (Diarrhoea government).(Malay Mail, Malaysiakini)

Prime Minister Tan Sri Muhyiddin Yassin being hospitalised for diarrhoea may have become the talk of social media but the development is also noteworthy amid an awkward situation with the Yang di-Pertuan Agong.  By convention, the prime minister meets with the ruler every Wednesday, before the weekly cabinet meeting. Muhyiddin’s hospitalisation meant that couldn’t take place on 30 Jun.  Muhyiddin, who has been pressed by the rulers to convene Parliament soon, is now also facing pressure from Parliament. This was after the Agong summoned Dewan Rakyat Speaker Datuk Azhar Azizan Harun and Dewan Negara President Tan Sri Rais Yatim to the palace and repeated his call for Parliament to reconvene as soon as possible.  Following the meeting, Azhar and Rais said they will try to convince Muhyiddin to convene Parliament before Aug 2021. The duo previously proposed an Aug-Sep 2021 timeline but now say they will comply with the ruler’s decree. (Malaysiakini)

Deputy Speaker Datuk Rashid Hasnon owned up to attending a durian feast on 27 Jun after initially claiming a video of the event was from last year.  Rashid said there had been confusion when he claimed the video was from last year as he had not watched it. The admission came after internet sleuths poked holes in Rashid’s initial account.  They provided a frame-by-frame analysis of the video, including the fact that a Liverpool jersey and headscarf in the video were released more recently than Rashid’s claimed timeline. Police said they will record Rashid’s statement soon over the alleged lockdown violation. (Malaysiakini)

Indicators are showing that the effectiveness of the total lockdown is waning as the Covid-19 pandemic is starting to worsen.  The weekly positivity rate (new cases divided by the number of tests) started to rise since mid-June from 6.6% to 7.4%.  The infectivity rate also broke 1.0 since 28 Jun and is now at 1.05.  The regression may in part be due to reduced testing. In the first week of the total lockdown, an average of 101,889 tests a day were conducted.  It was only 65,348 a day for the first three days of this week.  The Health Ministry has also attributed the situation to more virulent Covid-19 variants.  Jun 2021 was also the deadliest month, with 2,374 Covid-19 deaths, almost double of the 1,289 fatalities in May. (Malaysiakini)

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Malaysia Daybreak | July 1, 2021

Malaysia’s new Covid-19 infections stayed above the 6,000-level for the second consecutive day on 30 Jun, with 6,276 cases. This is lower than the previous day’s total, partly due to lower cases in Kuala Lumpur at 625, from 1,361 on 29 Jun.  Selangor reported a higher number of new infections at 2,836, up from 2,299 on 29 Jun.  Active cases climbed further to 64,129, as daily infections continued to outnumber recoveries for the fifth straight day.  The country’s total recoveries stood at 682,680, while total tally of Covid-19 cases was 751,979. (The Edge CEO Morning Brief)

The Selangor Menteri Besar’s office has clarified that most Covid-19 clusters, rather than cases, in Selangor are linked to factories.  Menteri Besar Amirudin Shari claimed most Covid-19 cases in the state originate from workplace clusters especially those in factories, despite Health Ministry data showing that most cases are not linked to any cluster.  Amirudin’s office has sent a correction to his speech, which now reads: “We are aware and should acknowledge that a large number of cases come from workplace clusters. Based on the latest data and figures (throughout Jun 2021), 91% of clusters in Selangor are transmitted at work, namely 80% at industrial clusters, and 11% at construction site clusters. This equates to 125 clusters in the two sectors.” (Malaysiakini)

Corporate News Genting Bhd's subsidiary Resorts World Las Vegas LLC is acquiring a Bombardier-manufactured Global Express XRS aircraft from an entity linked to Genting Hong Kong Ltd for US$4m (RM16.62m) under cruise ship operator Genting Hong Kong’s continual disposal of non-core assets to enhance liquidity due to Covid-19-driven uncertainties.  Genting Hong Kong said in a filing with The Stock Exchange of Hong Kong Ltd yesterday that the seller is the US-based Bank of Utah, which is the trustee of the N989SF Trust, of which Crystal Luxury Aircraft Holdings Ltd is the sole beneficiary. Crystal, an indirect wholly-owned subsidiary of Genting Hong Kong, is the sole beneficiary of the trust pursuant to which the seller owns legal title to the aircraft, according to the filing.  "The actual amount of gain or loss as a result of the disposal to be recorded by the group will be subject to the review and final audit by the auditor of the group. However, the disposal is expected to save the company’s expenditure of c.US$3m for the repairing of the engines of the aircraft and c.US$3m p.a. of aircraft operating costs,” Genting Hong Kong said. (The Edge Markets)

Petronas Dagangan Bhd (PetDag) is selling its working inventory and deadstock with 16.51m litres of fuel at selected fuel terminals to PETCO Trading Labuan Company Ltd (PTLCL) for c.RM23.12m. In a filing with Bursa Malaysia, PetDag said it had inked five sale and purchase agreements (SPAs) with PTLCL, an indirectly wholly-owned subsidiary of Petroliam Nasional Bhd (Petronas), with individual contracts expected to be completed by Sep. “The transfer of inventory ownership from PetDag to PTLCL will eliminate the exposure of Means of Platts Singapore (MOPS) movement to PetDag, especially when MOPS is on a downward trend, which will have an impact on the product price competitiveness as well as lag loss,” it said. It said all the expected sale proceeds would be used for day to day operational expenditure requirements of PetDag. (Bernama)

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Malaysia Daybreak | July 1, 2021

Axiata Digital, a subsidiary of telco conglomerate Axiata Group Bhd, has ramped up its efforts to secure Malaysia's digital banking license, optimistic that its partnership with local bank RHB Bank has solidified the consortium's application.  Axiata Digital CEO Mohd Khairil Abdullah said the group has been working with the country's central bank for a few years now to ensure that it meets the regulatory requirements that can eventually help it secure the license. "It has been more intense since the start of the year -- we would have a meeting with their team around twice a week. They have torn apart our business plan, technology for architecture, security protocol and product offerings," said Khairil. "We have learned a lot from these meetings -- while we do not want to count our eggs before they hatch, we think we do have a solid chance," he added.  Axiata Digital is also looking to announce two partnerships with agencies in the financial services industry "very soon" to further enhance the consortium's propositions, relating to the way it does credit scoring so that it can provide more services.  Currently, Axiata Digital's microloan offerings are only made available to micro-SMEs and its employees. However, Khairil said the company is also looking to extend its services to its individual consumers. (DealStreetAsia)

Mah Sing Group Bhd hit property sales of RM650.5m in 5M21, achieving 40% of its RM1.6bn sales target for 2021. The property developer aims to meet its sales target through several launches planned for 2H21, it said in a statement.  Mah Sing’s upcoming launches include Tower E of M Vertica in Cheras, the remaining phases of M Arisa in Sentul, Phase 2 of Cerrado Suites and Tower B Sensory Residences at Southville City in Bangi, Phase 3 of M Aruna and M Panora in Rawang, M Senyum at Bandar Baru Salak Tinggi in Sepang and two-storey link homes at Meridin East in Johor Baru. Including the new land acquired to date, Mah Sing has a remaining land bank of 2,050 acres (c.829.61ha), with remaining gross development value (GDV) and unbilled sales totalling approximately RM24.95bn, which can provide earnings visibility for the next 8 years.  Meanwhile, the company’s healthcare business unit Mah Sing Healthcare Sdn Bhd has successfully clinched long-term glove orders that would take up production capacity of four glove dipping lines. Two more production lines are now completed at Mah Sing’s highly automated factory in Kapar, Klang and ready to take on more incoming orders. Besides these six lines, Mah Sing said, another six production lines are scheduled to come on stream in 3Q21. (The Edge Markets)

A consortium comprising Paramount Corp Bhd, Star Media Group Bhd, RCE Capital Bhd, Prosper Palm Oil Mill Sdn Bhd and a technology partner has submitted an application to Bank Negara Malaysia for a digital banking licence. Paramount said that as the lead applicant it submitted the consortium’s application to the Central Bank yesterday, pursuant to the Licensing Framework For Digital Banks And Application Procedures For New Licences Under The Financial Services Act 2013 issued by Bank Negara. "A definitive agreement that sets out the obligations of the consortium partners will be entered into in due course after the submission of the application,” it added. (The Edge Markets)

AEON Credit Service (M) Bhd and its parent company AEON Financial Service Co Ltd (AFS) have submitted a joint application to Bank Negara Malaysia for a digital bank licence. AEON Credit said in a bourse filing, the company and AFS will cooperate with each other by combining their expertise and resources to establish in Malaysia a joint venture (JV) company to engage in the business of a digital bank upon obtaining a licence. AEON Credit will hold a 40% stake in the JV, while AFS will own the remaining 60%. The JV was also formed to collaborate with one or more technology partners of the bank to enable the adoption of transformative technologies in artificial intelligence, advanced

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Malaysia Daybreak | July 1, 2021

analytics and machine learning models for delivery of solutions to target customer segments, it added. It also said the investment by AEON Credit in the proposed JV will be fully funded from the company’s internally-generated funds. (The Edge Markets)

Boustead Heavy Industries Corporation Bhd (BHIC) has received a one-year contract extension from the Ministry of Home Affairs effective 1 Jul 2021, with the revised value of RM95.98m. The contract, originally secured in Oct 2016, is for the provision of integrated maintenance and logistic support services for three units of the Malaysian Maritime Enforcement Agency’s Dauphin helicopters. “Apart from the extension of the contract period and revision of the contract value, there are no significant differences between the substance of the contract and the extended letter of agreement (LOA),” it said in a stock exchange filing. The contract and the extended LOA will contribute positively to the earnings of the group for FY21. (Bernama)

Sarawak Consolidated Industries Bhd’s (SCIB) shareholders approved the group’s proposal to cancel RM40m worth of its issued share capital. The credit arising from the share capital reduction would be used to eliminate the accumulated losses of the group, SCIB said in a statement after shareholders approved the proposal at an extraordinary general meeting. Separately, in a filing to Bursa Malaysia, SCIB notified that group MD/CEO Rosland Othman has ceased to be a substantial shareholder of the group. This comes after he disposed of a total of 3.16m SCIB shares, reducing his shareholding to 4.69%. (The Edge Markets)

Pertama Digital Bhd announced that it had submitted an application for a digital bank licence to Bank Negara Malaysia (BNM). "The digital bank aims to sustainably provide affordable and ethical financing products, while hand-holding the B40 (bototm 40% income group) and micro, small and medium enterprises (MSMEs) to nurture good financial management, pouring rocket fuel into post-pandemic productivity," it said. (Bernama)

Technical rubber compound provider GIIB Holdings Bhd, formerly known as Goodway Integrated Industries Bhd, has received its shareholders’ nod to diversify its business to include manufacturing of gloves and raise up to RM65.33m via a rights issue with warrants. This was reached at its extraordinary general meeting held yesterday. With the approval, GIIB will install five double former glove-dipping production lines at its existing warehouse in Nilai, Negeri Sembilan. The lines are estimated to have an annual production capacity of 1.05bn pieces of gloves. The production lines are interchangeable to produce latex or nitrile gloves. The conversion of the existing warehouse is expected to be completed by next month. The first production line is expected to commence production in Nov, with all five production lines to be fully operational by Feb 2022. (The Edge Markets)

Ahmad Zaki Resources Bhd (AZRB) said its founder Tan Sri Wan Zaki Wan Muda will retire as the group’s executive vice chairman effective today. However, the 72-year-old major shareholder of the group will stay on as a board member of AZRB, the construction group said in a bourse filing. “The board is pleased to further announce that Tan Sri Wan Zaki will stay on as a non-independent non-executive director of AZRB, as well as assume the role of AZRB group adviser effective the same date,” said the group. According to the group’s 2020 annual report, Wan Zaki was appointed as the executive vice chairman in 1999. (The Edge Markets)

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Malaysia Daybreak | July 1, 2021

AE Multi Holdings Bhd has secured a RM65.18m contract from Green Ocean Corp Bhd to design, install and commission eight double former dipping lines for rubber glove production. AE Multi said in a bourse filing that its wholly-owned subsidiary AE Multi Industries Sdn Bhd received the letter of award from Green Ocean’s wholly-owned unit G Rubber Sdn Bhd. In a separate filing, Green Ocean said a definitive agreement will be executed by the two parties within 120 days from the date of the award letter. (The Edge Markets)

MAG Holdings Bhd (formerly known as XingHe Holdings Bhd) has disposed of 20.91% of its 40.77% shareholding in associate Henan XingHe Oil and Fat Company Ltd (HXOF) for RM37.8m, to reduce its losses from the investment. MAG said in a bourse filing that its indirect wholly-owned Anyang Herun Oil Technical Service Company Ltd has entered into a share sale agreement with HXOF shareholder Huang YunLin to dispose of the stake. On completion of the disposal, the group’s equity interest in HXOF will be reduced to 19.86% from 40.77%, and HXOF will cease to be an associate of the group. According to MAG, the disposal will result in a loss on disposal of c.RM8.5m to the group. (The Edge Markets)

Chia Kee Foo has resigned as Cheetah Holdings Bhd’s chairman and MD to pursue his private interests. In a statement, the group said Chia founded Cheetah in 1979 and led the group for 42 years. Victor Lim, currently the CEO of Cheetah Corporation (M) Sdn Bhd, will be redesignated as the CEO of the group going forward, said the clothes retailer. (The Edge Markets)

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Malaysia Daybreak | July 1, 2021

BMSB: Changes in shareholdings Type of No of Ave Price 29-Jun-21 Date transaction securities Company (RM) EPF 24/6 Disposed 3,553,200 SUNWAY BERHAD EPF 24/6 Disposed 2,837,700 INARI AMERTRON EPF 24/6 Disposed 1,829,200 KPJ HEALTHCARE EPF 24/6 Disposed 702,000 MALAYAN BANKING EPF 24/6 Disposed 595,800 IHH HEALTHCARE EPF 24/6 Disposed 500,000 MALAKOFF EPF 24/6 Disposed 392,000 PETRONAS CHEMICALS EPF 24/6 Disposed 251,100 BERMAZ AUTO EPF 24/6 Disposed 188,300 HARTALEGA EPF 24/6 Disposed 108,200 TENAGA NASIONAL EPF 24/6 Disposed 100,000 S P SETIA EPF 24/6 Disposed 70,000 MISC EPF 24/6 Disposed 42,400 BIMB EPF 24/6 Disposed 26,600 AXIATA EPF 24/6 Disposed 20,000 UMW Kumpulan Wang Persaraan 28/6 Disposed 130,000 YINSON Lembaga Tabung Angkatan Tentera 25/6 Disposed 23,000 PHARMANIAGA EPF 24/6 Acquired 5,166,400 PUBLIC BANK EPF 24/6 Acquired 2,000,000 DIALOG EPF 24/6 Acquired 1,662,900 TELEKOM MALAYSIA EPF 24/6 Acquired 377,200 AXIS REIT EPF 24/6 Acquired 323,900 HONG LEONG BANK EPF 24/6 Acquired 300,000 DRB-HICOM EPF 24/6 Acquired 223,500 WESTPORTS EPF 24/6 Acquired 211,000 RHB BANK EPF 24/6 Acquired 200,000 KLCC PROPERTY EPF 24/6 Acquired 200,000 AMMB EPF 24/6 Acquired 151,500 SUNWAY REIT EPF 24/6 Acquired 142,300 MALAYSIA AIRPORTS EPF 24/6 Acquired 135,500 BURSA MALAYSIA EPF 24/6 Acquired 98,400 KUALA LUMPUR KEPONG EPF 24/6 Acquired 68,900 PETRONAS GAS EPF 24/6 Acquired 68,300 CAPITALAND MALAYSIA MALL TRUST EPF 24/6 Acquired 32,900 IGB REIT EPF 24/6 Acquired 28,200 PETRONAS DAGANGAN FEDERALSkim Amanah LAND Saham DEVELOPMENT Bumiputera AUTHORITY 25/6 Acquired 2,524,300 PETRONAS CHEMICALS (FELDA) 24/6-28/6 Acquired 4,204,200 FGV DATO' TAN HENG CHEW 25/6-28/6 Acquired 49,200 TAN CHONG MOTOR MY E.G. SERVICES 29/6 Shares Buy Back 1,000,000 MY E.G. SERVICES 1.80 IJM CORPORATION 29/6 Shares Buy Back 920,000 IJM CORPORATION 1.78 KUALA LUMPUR KEPONG 29/6 Shares Buy Back 50,000 KUALA LUMPUR KEPONG 20.28 SOURCE: BMSB

BMSB: Proposed cash calls & trading of rights 1-Jul-21 Ann Date Proposed MY E.G. SERVICES 12-Apr-21 Bonus issue SOURCES: BMSB

BMSB: Entitlement with Ex-date 1-Jul-21 Ann Date Entitlement Ex-date Entitlement Date PHARMANIAGA 7-May-21 Bonus issue of 4:1 5-Jul-21 6-Jul-21 SOURCES: BMSB

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Malaysia Daybreak | July 1, 2021

BMSB: Off-market transactions 30-Jun-21 Vol IREKA 55,930,000 TAWIN 28,980,000 MMAG 4,100,000 WIDAD 4,000,000 HONGSENG 2,770,000 MESTRON 2,000,000 SEM 2,000,000 HCK 1,640,000 KHIND 1,170,000 IPMUDA 500,000 SOURCE: BMSB

BMSB: Dividends Company Particulars Gross DPS Ann Date Ex-Date Lodgement Payment (Sen) DAIBOCHI Interim dividend - single tier 2.00 22-Jun-21 6-Jul-21 7-Jul-21 19-Jul-21 ASTRO MALAYSIA Final dividend - single tier 2.50 21-May-21 8-Jul-21 9-Jul-21 23-Jul-21 ECO WORLD DEVELOPMENT1st GROU interim dividend - single tier 2.00 24-Jun-21 8-Jul-21 9-Jul-21 23-Jul-21 ECO WORLD INTERNATIONALSpecial dividend - single tier 5.00 24-Jun-21 8-Jul-21 9-Jul-21 23-Jul-21 KUALA LUMPUR KEPONG Interim dividend - single tier 20.00 19-May-21 9-Jul-21 12-Jul-21 3-Aug-21 VS INDUSTRY 3rd interim dividend - single tier 0.80 15-Jun-21 9-Jul-21 12-Jul-21 30-Jul-21 BERMAZ AUTO 4th interim dividend - single tier 1.50 18-Jun-21 14-Jul-21 15-Jul-21 5-Aug-21 BERMAZ AUTO Special dividend - single tier 1.75 18-Jun-21 14-Jul-21 15-Jul-21 5-Aug-21 PENTAMASTER CORP Final dividend - single tier 1.50 11-Jun-21 15-Jul-21 16-Jul-21 30-Jul-21 DKSH HOLDINGS Final dividend - single tier 10.00 21-Apr-21 21-Jul-21 22-Jul-21 5-Aug-21 LBS BINA GROUP First and final dividend - single tier 1.45 17-May-21 26-Aug-21 27-Aug-21 22-Sep-21 PANASONIC MANUFACTURINGFinal dividend - single tier 148.00 28-May-21 8-Sep-21 9-Sep-21 23-Sep-21 MAH SING GROUP First and final dividend - single tier 1.66 28-Apr-21 15-Sep-21 17-Sep-21 29-Sep-21 SOURCE: BMSB

BMSB: New Listing Company Issue price No of shares Listing sought Tentative Public Issue Offer for sale Private placement listing date RAMSSOL GROUP 0.45 55,760,000 22,304,000 61,264,000 ACE Market 13-Jul-21 YENHER HOLDINGS 0.95 64,431,000 41,757,000 76,188,000 Main Market 15-Jul-21 IGB COMMERCIAL REIT 1.00 - 378,000,053 282,000,000 Main Market 30-Jul-21 SOURCES: BMSB

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Corporate Actions July 2021

SUN MON TUE WED THU FRI SAT

1 2 3

4 5 6 7 8 9 10 Foreign Reserves BNM OPR

11 12 13 14 15 16 17 IPI, Manufacturing Sales

18 19 20 21 22 23 24 Hari Raya Haji CPI Foreign Reserves (mid-data)

25 26 27 28 29 39 31 Export, Imports, Trade Balance

Source: Company, BNM, DOS, CIMB estimates

SOURCE: Company, BNM, DOS, CGS-CIMB estimates

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Corporate Actions August 2021

SUN MON TUE WED THU FRI SAT

1 2 3 4 5 6 7 Foreign Reserves

8 9 10 11 12 13 14 IPI, Awal Muharram BoP Current Account Manufacturing Sales Balance GDP

15 16 17 18 19 20 21 Foreign Reserves (mid-data)

22 23 24 25 26 27 28 CPI Export, Imports, Trade Balance

29 30 31 Merdeka Day

Source: Company, BNM, DOS, CIMB estimates

SOURCE: Company, BNM, DOS, CGS-CIMB estimates

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Score Range: 90 - 100 80 – 89 70 - 79 Below 70 No Survey Result

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Description: Excellent Very Good Good N/A N/A

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This communication is only for U.S. Institutional Investors or Major U.S. Institutional Investor whose ordinary business activities involve investing in shares, bonds, and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major U.S. Institutional Investor must not rely on this communication. The delivery of this report to any person in the U.S. is not a recommendation to effect any transactions in the securities discussed herein, or an endorsement of any opinion expressed herein. If you are receiving this report in the U.S from RJA, a FINRA/SIPC member, it takes responsibility for the content of this report. For further information or to place an order in any of the above-mentioned securities please contact a registered representative of CGS-CIMB Securities (USA) Inc. or RJA. https://raymondjames.com/InternationalEquityDisclosures Other jurisdictions: In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is only for distribution to professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. Corporate Governance Report of Thai Listed Companies (CGR). CG Rating by the Thai Institute of Directors Association (Thai IOD) in 2020, Anti-Corruption 2020 ADVANC – Excellent, Certified, AMATA – Excellent, Certified, ANAN – Excellent, n/a, AOT – Excellent, n/a, AP – Excellent, Certified, ASP – Excellent, n/a, AU – Good, n/a, BAM – Very Good, Certified, BAY – Excellent, Certified, BBL – Very Good, Certified, BCH – Good, Certified, BCP - Excellent, Certified, BCPG – Excellent, Certified, BDMS – Excellent, n/a, BEAUTY – Good, n/a, BH - Good, n/a, BJC – Very Good, n/a, BLA – Excellent, Certified, BTS - Excellent, Certified, CBG – Very Good, n/a, CCET – n/a, n/a, CENTEL – Excellent, Certified, CHAYO – Very Good, n/a, CHG – Very Good, n/a, CK – Excellent, n/a, COM7 – Very Good, Certified, CPALL – Excellent, Certified, CPF – Excellent, Certified, CPN - Excellent, Certified, CPNREIT – n/a, n/a, CRC – Very Good, n/a, DELTA - Excellent, Certified, DDD – Very Good, n/a, DIF – n/a, n/a, DOHOME – Very Good, n/a, DREIT – n/a, n/a, DTAC – Excellent, Certified, ECL – Excellent, Certified, EGCO - Excellent, Certified, EPG – Excellent, Certified, ERW – Very Good, Certified, GFPT - Excellent, Certified, GGC – Excellent, Certified, GLOBAL – Very Good, n/a, HANA - Excellent, Certified, HMPRO - Excellent, Certified, HUMAN – Good, n/a, ICHI – Excellent, Certified, III – Excellent, n/a, INTUCH - Excellent, Certified, IRPC – Excellent, Certified, ITD – Very Good, n/a, IVL - Excellent, Certified, JASIF – n/a, n/a, JKN – Excellent, Declared, JMT – Very Good, Declared, KBANK - Excellent, Certified, KCE - Excellent, Certified, KEX – n/a, n/a, KKP – Excellent, Certified, KSL – Excellent, Certified, KTB - Excellent, Certified, KTC – Excellent, Certified, LH - Excellent, n/a, LPN – Excellent, Certified, M – Very Good, Certified, MAKRO – Excellent, Certified, MC – Excellent, Certified, MEGA – Very Good, n/a, MINT - Excellent, Certified, MTC – Excellent, Certified, NETBAY – Very Good, n/a, NRF – n/a, n/a, OR – n/a, n/a,

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Malaysia Daybreak | July 1, 2021

ORI – Excellent, Certified, OSP – Very Good, n/a, PLANB – Excellent, Certified, PRINC – Very Good, Certified, PR9 – Excellent, n/a, PSH – Excellent, Certified, PTT - Excellent, Certified, PTTEP - Excellent, Certified, PTTGC - Excellent, Certified, QH – Excellent, Certified, RBF – Good, n/a, RS – Excellent, n/a, RSP – Good, n/a, S – Excellent, n/a, SAK – n/a, n/a, SAPPE – Very Good, Certified, SAWAD – Very Good, n/a, SCB - Excellent, Certified, SCC – Excellent, Certified, SCGP – n/a, n/a, SHR – Very Good, n/a, SIRI – Excellent, Certified, SPA – Very Good, n/a, SPALI - Excellent, Declared, SPRC – Excellent, Certified, SSP - Good, Declared, STEC – n/a, n/a, SVI – Excellent, Certified, SYNEX – Very Good, n/a, TCAP – Excellent, Certified, THANI – Excellent, Certified, TISCO - Excellent, Certified, TKN – Very Good, n/a, TMB - Excellent, Certified, TOP - Excellent, Certified, TRUE – Excellent, Certified, TU – Excellent, Certified, TVO – Excellent, Certified, VGI – Excellent, Certified, WHA – Excellent, Certified, WHART – n/a, n/a, WICE – Excellent, Certified, WORK – Good, n/a. - CG Score 2020 from Thai Institute of Directors Association (IOD) - Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of January 30, 2021) are categorised into: companies that have declared their intention to join CAC, and companies certified by CAC. .

Recommendation Framework Stock Ratings Definition: Add The stock’s total return is expected to exceed 10% over the next 12 months. Hold The stock’s total return is expected to be between 0% and positive 10% over the next 12 months. Reduce The stock’s total return is expected to fall below 0% or more over the next 12 months. The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.

Sector Ratings Definition: Overweight An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation. Neutral A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation. Underweight An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.

Country Ratings Definition: Overweight An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark. Neutral A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark. Underweight An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.

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